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Every homebuyer wants a good deal on their realestate purchase. According to a report by Fortune Builders, location and condition are two key determining factors in deciding if a home is a good purchase.

While price also matters, finding a property that can be overhauled with minimal effort and time may not be that easy. Anyone who has bought a house with the intention of fixing it up knows there could be hidden problems and challenges that crop up without warning and aren’t easily identifiable, even with the best of home inspections.

Being able to discern at first glance if a home is worth its investment takes a keen eye. Eight members of ForbesRealEstateCouncil provide at-a-glance tips on determining if a property is a good deal. Here is what they had to say:

Members of the Forbes Real Estate Council weigh in on what to look for.

1. Check For Zoning Issues And Liens

Generally speaking, one way to tell is when a property has a characteristic or complication that leads to an automatic "no" for the majority of investors. Zoning issues and liens on smaller non-institutional grade property are a sweet spot. These properties are too expensive for retail DIYs but not enough meat for institutions. - Colin Bogar, Property Passbook

2. Follow The 1% Rule

There are many ways to evaluate investment returns when purchasing an income property. As a general rule of thumb, I always advise my clients to use the 1% rule as an investment strategy. The 1% rule states that the income property should rent for at least 1% of the purchase price to yield positive cash flow. The due diligence would be analyzing the fair market rental rates in the area. - Alex Chieng, A & L RealEstate Team

3. Let Go Of The HGTV Hype

In order to score a great deal on a property, buyers need to forget the HGTV hype and let go of lofty expectations. Buy the "worst" place on the block and slowly renovate as your budget allows. Formica and old appliances won't kill you, and the there is a lot to be said for the value of location over the perceived value of something as easily replaceable as countertops. - Elizabeth Ann Stribling-Kivlan, Stribling.com

4. Check The Cap Rate

Cap rate (i.e., the price/earnings ratio) vs. the neighborhood is one such signal, although sometimes there are legitimate reasons for some sellers to be more motivated than others. We’ve also found price per square foot or price per door vs. neighborhood comps to be important metrics, when used properly. Successive price drops can also signal a good buying opportunity. - Larry Solomon, TheGuarantors

The condition of the property along with how it has been presented will usually dictate if the property can be purchased at a discount. So if the property doesn't have online photos then it likely has zero curb appeal. It also means that a significant discount can be requested on the purchase price and that the listing agent doesn’t have much to work with and could just be after a quick sale. - Engelo Rumora, List'n Sell Realty

7. Assess Purchase Price Vs. County Appraisal Value

I can immediately determine if a property is a good deal just with an address and the county appraisal district website. Plug in the address and if the selling price is way below the county's value assessment, you have a 90% chance you will profit from this property. Why? Because fair market value is determined by the county's appraisal value plus 10-20% over their assessment. This is always the first step. - Angela Yaun, Day Realty Group

If you can buy an investment property for $900,000 and rent it out for $9,000 per month (or more), then it's likely a good deal. While it greatly simplifies all the factors in realestate investing, looking at the price as a factor of 100 times the monthly rent is a quick and easy baseline to getting a great price on a realestate investment. - Sarnen Steinbarth, TurboTenant